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U.S. President Donald Trump has sued JPMorgan Chase & Co. and its CEO, Jamie Dimon, for at least $5 billion, alleging the lender stopped offering him and its business banking services for political reasons.
According to the complaint filed Thursday, Trump accuses the bank of commercial defamation and violation of the implied covenant of good faith. It also says Dimon violated Florida’s Deceptive and Unfair Trade Practices Act.
BREAKING: Trump sues JPMorgan Chase and its CEO Jamie Dimon for $5 billion for alleged “political” debanking
“President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon in a $5 billion lawsuit filed Thursday, accusing the financial institution of removing him from its bank for political reasons… pic.twitter.com/9LQPYFJBoF
– Steve Guest (@SteveGuest) January 22, 2026
The lawsuit, filed in Miami-Dade County Court in Florida, alleges that JPMorgan abruptly closed several accounts in February 2021 with only 60 days’ notice and without explanation.
In doing so, Trump complaints JPMorgan and Dimon deprived the president and his companies of millions of dollars, disrupted their operations, and forced them to urgently open bank accounts elsewhere.
However, JPMorgan has since denied all allegations. “While we regret that President Trump sued us, we believe this lawsuit has no merit. We respect the president’s right to sue us and our right to defend ourselves – that’s what the courts are for,” a JPMorgan spokesperson said.
Meanwhile, the Trump family has repeatedly reiterated that the banks took their family out of the banks for political reasons.
Trump and the fight against debanking
Since taking office, Trump has signed a decree against debanking. The regulators he appointed, including Comptroller of the Currency Jonathan Gould, have also warned banks against any activity that appears to be unbanking, a concern the crypto industry as a whole has had in recent years.
“You shouldn’t be unbanked,” Trump told reporters Thursday aboard Air Force One. “It’s so wrong. I don’t know what their excuse would be. Maybe their excuse would be the regulators.”
Trump on JPMorgan Chase CEO Jamie Dimon:
“He took away his bank accounts from me. I guess it’s a good trial because all the experts came out and said Trump has a big trial here. You’re not allowed to do what they did.”pic.twitter.com/bC9zOMygwX
– Red Line News (@RedLineNewsUSA) January 22, 2026
Meanwhile, the family has since turned to crypto as a hedge.
“We got into crypto because we were unbanked,” Donald Trump Jr. said. said in an interview with Fox News last year. “We had to find solutions,” he continued, adding that crypto was the most effective route and “absolutely the future of banking.”
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